Inventory Began with $30,000

question 186

Multiple Choice

Inventory began with $30,000.During the period the company purchased $61,000 of merchandise.At the end of the period,inventory was $22,000.If the gross profit percentage was 40%,what was sales revenue?

• A) $46,000
• B) $18,000
• C) $75,000
• D) $115,000

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Definitions:

Belief Perseverance

The phenomenon where people hold onto their beliefs even when faced with evidence that contradicts or disproves them.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making by reducing complex problem solving to simpler judgment processes.

Unscrambling

The process of rearranging letters or elements to restore them to a coherent or original order.

Defensive Strategy

A plan or course of action designed to protect oneself or an organization from criticism, harm, or other adverse effects.